a. Beginning cash balance on July 1: $62,000. b. Budgeted cash receipts from sales: 10% is collected in the month of sale, 50% in the next month, and 40% in the second month after sale. Sales amounts are May (actual), $1,730,000; June (actual), $1,460,000; and July (budgeted), $1,460,000. c. Budgeted cash payments on merchandise purchases: 65% in the month of purchase and 35% in the month following purchase. Purchase amounts are June (actual), $540,000; and July (budgeted), $480,000. d. Budgeted cash payments for salaries in July: $100,000. e. Budgeted cash payments for sales commissions for July: $190,000. f. Budgeted cash payment for income taxes in July: $90,000. g. Budgeted cash payment for loan interest in July: $8,500. Complete this question by entering your answers in the tabs below. Calculation Cash Budget Calculate the budgeted cash receipts and cash payments. Calculation of Cash Receipts from Sales --Collected in-- July 31 Total Sales May June July Accounts Receivable Credit sales from: May $ 1,730,000 June 1,460,000 July 1,460,000 Totals $ 4,650,000 Calculation of Cash Payments for Merchandise Total Purchases June -Paid in- - July July 31 Accounts payable Purchases from: June $ 540,000 July 480,000 Totals $ 1,020,000 a. Beginning cash balance on July 1: $62,000. b. Budgeted cash receipts from sales: 10% is collected in the month of sale, 50% in the next month, and 40% in the second month after sale. Sales amounts are May (actual), $1,730,000; June (actual), $1,460,000; and July (budgeted), $1,460,000. c. Budgeted cash payments on merchandise purchases: 65% in the month of purchase and 35% in the month following purchase. Purchase amounts are June (actual), $540,000; and July (budgeted), $480,000. d. Budgeted cash payments for salaries in July: $100,000. e. Budgeted cash payments for sales commissions for July: $190,000. f. Budgeted cash payment for income taxes in July: $90,000. g. Budgeted cash payment for loan interest in July: $8,500. Complete this question by entering your answers in the tabs below. Calculation Cash Budget Prepare the July cash budget for Acco Company. ACCO COMPANY Total cash available Less: Cash payments for: Total cash payments Cash Budget July < Calculation Cash Budget >